COLDCARD OWNER SUES COINKITE IN TORONTO — CLAIM SAYS COINKITE WAS WARNED OF THE SEED FLAW IN MAY 2025 — PUTS LOSSES ABOVE $140 MILLION

A Coldcard owner has sued Coinkite in Toronto, and the claim sat in court for six weeks before anyone wrote it up. Amir Reza Naderi of Los Angeles filed a proposed class action in the Ontario Superior Court of Justice on September 11, 2026, court file CV-26-00018158. He names Coinkite and its co-founders Rodolfo Novak and Peter D. Gray. Bitcoin.com News ran the first story on October 22. Nothing in the claim has been tested in court, and Coinkite had not answered Bitcoin.com's request for comment.

The technical charge is the one this desk has tracked since July 30. The claim says a March 2021 firmware update made Coldcards pick seed words with MicroPython's "non-cryptographic" Yasmarang generator instead of the hardware random number generator the company advertised. It says bitcoin engineer James O'Beirne reported the flaw to Coinkite and its founders in May 2025, more than a year before the first drain. It also lists website lines that have since come down, including the promise to "generate your seed phrase using two independent hardware random number generators from two separate secure element vendors."

Mr. Naderi's own loss is checkable. The claim says 1.22940052 BTC left seven of his addresses in blocks 961,318 and 961,320. Those blocks were mined at 12:30 PM and 1:07 PM ET on August 6, 2026, seven days after Coinkite's public warning. The claim says Coinkite held buyers' contact details and never used them to warn anyone directly. It puts total class losses above $140 million. Galaxy Research attributed 1,789 BTC to the exploit in late August. At the price implied by the claim's own figure for Mr. Naderi, about $64,880 a coin, $140 million is about 2,158 BTC. The count is not settled.

Here is the part no lawsuit can fix. A random number looks the same whether a good chip made it or a bad one, so you cannot check it by looking. You can check dice. The claim says Coinkite's site now asks users to add their own randomness. That was always the safer habit: roll your own seed, or run code you can read. At the time of this writing, bitcoin was $81,697.